British wealth down US$1.5 trillion since Brexit
BRITAIN lost US$1.5 trillion in household wealth in 2016, a blow caused by the pound’s free-fall after the Brexit vote, Switzerland’s secondlargest bank Credit Suisse said.
A full 406,000 Britons lost their status as dollar millionaires this year, Credit Suisse added in its latest annual Global Wealth Report.
“The United Kingdom had a tumultuous year,” the report said, describing the wealth losses as “a direct consequence of the Brexit vote”.
“Wealth per adult has already dropped by $33,000 to $289,000 since the end of June,” chief investment officer Michael O’Sullivan said.
While individual wealth in dollar terms took a hit following the June vote to leave the European Union, the trend has been downward since the 2007-08 financial crisis.
Wealth per adult is 11 percent below the 2007 figure.
The report warned that Britain faces an “outlook that is very uncertain, both for the economy and for household wealth”.
Britain however is still home to 2.2 million dollar-millionaires, nearly 7pc of the world’s total number of millionaires, according to Credit Suisse. –